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US: CAMPAIGN FUNDS

THE WAY OF ALL BILLS

 

US presidential hopefuls raise record money; is it good?
ATUL BHARADWAJ | Issue Dated: April 22, 2007
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THE WAY OF ALL BILLS Money may not be enable to buy true love, but it has the power to influence the 2008 US presidential election. This adage is proven by the manner in which the contenders are furiously raising funds to buttress their campaign. The New York Times has reported that the charismatic Senator from Illinois, Barack Obama, has garnered a whopping sum of $25m. Obama is not far behind fellow Democrat, former First Lady and Senator from New York, Hillary Clinton, who has raised $26m for her campaign, in the first quarter of 2007. Their Republican rivals are not far behind in the raising of funds for their respective campaigns. The multi-millionaire former Governor of Massachusetts and Republican contender, Mitt Romney, has amassed $20m and is miles ahead of his main rival Senator John McCain, who has raised a relatively paltry $12.5 m. The dark horse is the former Mayor of New York City, Rudolph (Rudy) W. Giuliani, whose possible national bid later in 2007, as reported by The NYT, could easily raise tens of millions of dollars in a relatively short time.

According to The NYT, the first quarter figures for 2007 provided by the campaigns of the Democrat and Republican presidential hopefuls is that the Democrats raised a total of about $78m, compared with just over $51m by their Republican rivals, totalling circa $130m. It is does not augur well for the most powerful democracy in the world, if such obscenely enormous funds are frittered away by the contenders in order to win the nomination of their parties. Prima facie, this may not seem incongruous, but the very fact that the corporate bigwigs are now in a position to have a tight grip over the democratic process, is certainly a reason to be concerned.

Decades ago, President Dwight D. Eisenhower had the vision to warn against the clout of the arms industry, which he believed to have had the potential to endanger liberty and the democratic process. This is verily reflected in the manner in which the Bush administration is pursuing undemocratic policies across the globe.
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Issue Dated: Feb 5, 2017